Planet Hollywood Offices Are for Sale
As Creditors Slash Borrowing Power

By

Richard Gibson Staff Reporter of The Wall Street Journal

Updated Dec. 14, 1998 11:59 p.m. ET

(See Corrections and Amplifications item below .)

Planet Hollywood International Inc., with its restaurant sales continuing to plunge, disclosed that lenders have slashed its borrowing power and required it to put its Orlando, Fla., headquarters up for sale.

A Securities and Exchange Commission filing also reveals that one of the company's major shareholders and overseas franchisees, Saudi Prince Alwaleed, is registering his...